Fannie Mae also offers incentives like flexible mortgage terms and low down payments for some properties. This means that first-time homebuyers, or those looking to purchase a bigger home for less will most likely benefit. The homes on HomePath are priced competitively, since Fannie Mae’s goal is try and sell off these properties quickly. The HomePath program only accepts offers from Fannie Mae approved listing agents, but you can work with a local agent to help you submit an offer to the listing agent. Once a home is listed on the HomePath website, you work with a real estate agent to tour the home and make an offer.
Fannie Mae will acquire these properties by a deed-in-lieu-meaning that the homeowner voluntarily gives up ownership of their home to the mortgage company. HomePath is an online program through which you can purchase Fannie Mae-owned properties that are going to be foreclosed.
NFHA and the other housing groups say it will also be used for down payment assistance for first-generation buyers in the affected neighborhoods.Fannie Mae HomePath is a program that speeds up the process of selling foreclosed homes. The agreement provides that $35 million of the settlement amount will be used to address community needs in the affected neighborhoods, including addressing homeownership, access to credit, property rehabilitation and residential development. According to NAR’s release, “It is likely to be followed by others against large lenders who maintained foreclosed properties in communities of color after the subprime crisis.” The case established a new precedent – that the Fair Housing Act covers the marketing and maintenance of REO properties. The allegations, first filed in 2016, came after a four-year investigation of 2,300-plus Fannie Mae-owned foreclosed properties in 39 metropolitan U.S. According to the groups, this action by Fannie Mae made the 2008 housing crisis worse and made it harder for minority communities to recover. The fair housing groups specifically said that Fannie Mae did a better job maintaining and marketing its homes in white neighborhoods, while largely ignoring REOs in Black and Hispanic neighborhoods, allowing them to decay over time.
The settlement was reached after The National Fair Housing Alliance (NFHA) and 20 fair housing organizations sued Fannie Mae over its treatment of REOs in minority neighborhoods – the first time a fair housing case focused on REOs.
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NAR is committed to supporting local communities and expanding opportunities for homeownership for all Americans, in accordance with our Code of Ethics and the Fair Housing Act.” “Realtors® have played an increasingly important role in the market for maintaining and marketing REO properties as bulk sales to investors decline. “Fannie Mae coming to the table and agreeing to pay this restitution sends a clear message that the maintenance and marketing of foreclosed homes must be done fairly in all areas,” says NAR President Leslie Rouda Smith. WASHINGTON – The National Association of Realtors® (NAR) issued a statement agreeing with an announcement that Fannie Mae would pay $53 million based on allegations that it took better care of foreclosures (REOs) in white neighborhoods during the Great Recession, while failing to maintain those in Black and Hispanic neighborhoods. SPECIALTIES, DESIGNATIONS & ENDORSEMENTS.
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